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Business Latest Tax Developments

Electronic Federal Tax Payment System
Starting in 2011, if you make your payroll tax liability deposits other than paying them with the quarterly return, you will be required to deposit them electronically through EFTPS. You will no longer be allowed to pay them at your bank with a coupon.
 
1099 Filing Requirements
Failure to file 1099-MISC forms is common among small businesses, but not well tolerated by the IRS as a long-term practice. Penalties have doubled and minimum penalties will increase in 2011.
Insurance Tax Breaks for Self-Employed
There are very specific ways to deduct your self employeed health insurance if you are a Sub S Corporation. Failure to comply with the IRS rules will result in a loss of the medical insurance deduction
   
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